Contract Review: What Currently Takes Hours Will Soon Take Seconds
Time is our most valuable non-renewable resource. But AI offers an opportunity to remove repetition and enable businesses to perform tasks in record time. What currently take hours for teams to complete will soon be achieved in seconds.
For example, many lawyers reading this will admit to feeling frustrated that 80 percent of their work is spent in contract review tasks. But they could soon find themselves having the time to spend on more value-add activities. LawGeex’s AI outperformed human lawyers in reviewing legal documents with 94 percent accuracy compared to the human lawyers who achieved an average of 85 percent.AI could transform how legal documents are reviewed.
However, the most exciting aspect of the report was that lawyers needed hours to complete the challenge. Whereas LawGeex’s AI only needed 26 seconds. The verdict on how technology can transform the legal space on this evidence alone must make it a closed case.
Elsewhere, a company called Chisel AI is using natural language processing and machine learning to extract, classify and analyze unstructured data such as insurance documents 400 times faster than a human. Once again, these jobs were also completed with significantly higher accuracy. [read more]